Reportedly Hopes To Acquire China-Based Zero Zero Robotics

Snap, the developer of the popular social media app Snapchat, is said to be looking to acquire China-based Zero Zero Robotics, the maker of a small selfie drone. Snap reportedly bought another drone company, Ctrl Me Robotics, earlier this year.

The Verge reports that Snap declined to comment on the rumor, and Zero Zero Robotics chief executive Meng Qiu Wang denied that it was an acquisition target.

Zero Zero makes the Hover Camera Passport Drone, which uses facial recognition technology to take selfies if flight. But the company faces some stiff competition from drone giant DJI, which is marketing its new Spark drone for that purpose.

Snap had reportedly been working on developing a drone of its own, but little has been said in the industry press about that project. The Snap drone was to have been a follow-up on its Snap Spectacles. The company has recently gone public, and its stock declined in value after the IPO.

In May, Snap reported that its Spectacles had generated $8 million in revenue. It's next earning conference call is on August 10th.

(Image from file)

FMI: www.snap.com